Winston Gold Mining Corp. (OTCQB: WGMCF) engages in the exploration and development of precious metal and mineral properties in the United States. Shares of the junior mining company are rallying 31.22%, during afternoon trading on Friday, October 21, 2016. Winston Gold Mining Corp. has seen average daily volume of 2,214 shares, over the past three months. However, nearly 454,450 shares or dollar volume of $212,273, has already exchanged hands through afternoon trading Friday.
Shares of Winston Gold Mining Corp. are rallying Friday, after management announced the company announced a non-brokered private placement. The private placement includes 6.25 million Class A common shares of Winston Gold Mining Corp. with a share price of $0.40. Management says they have raised $2.5 million in proceeds from the private placement. Here is the complete press release detailing of the private placement:
Winston Gold Mining Corp. Press Release:
WINNIPEG, Oct. 20, 2016 /PRNewswire/ – Winston Gold Mining Corp. (“Winston Gold” or the “Corporation”) (CSE:WGC) (WGMCF) announces that it will undertake a non-brokered private placement for the sale of up to 6,250,000 Class A common shares of the Corporation (the “Shares“) at $0.40 per Share for gross proceeds of up to $2,500,000 (the “Offering“). The Offering was priced in the context of the market based on a price reservation made by the Corporation on October 5, 2016.
The Corporation may pay commissions or finder’s fees up to the amount allowable by the policies of the Canadian Securities Exchange (the “Exchange“) in connection with the Subscriber’s subscription for Shares under this Offering.
Closing of the Offering is subject to the receipt of all necessary corporate, regulatory and Exchange approvals. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Murray Nye, the President of the Corporation states: “The net proceeds of this Offering will allow the Corporation to expedite the development of the Corporation’s near term US production projects.”
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.